[ D ATA ]
SPREADS & EBBO LIQUIDITY
Based on fragmented European stocks
There is an overall trend of market spreads
widening over the last 12 months, although
they have stablised over the Q4 to Q1 2019
period. The downward trend in liquidity.
continued into the beginning of 2019.
Spread
(BPS) Avg 10BPS Liquidity (€ ‘000)
Q4 2018 5.39 €755.98
Q1 2019 5.39 €732.47
EUROPEAN MARKET BREAKDOWN
Major European Indices
MIB and IBEX. Another exception was Chi-x on both
OMX-S and IBEX where it made small gains. The SMI
has been excluded from the figures for Q3 2019 due
to the restrictions imposed on EU MTF trading of
Swiss stock.
The market share figures show a flight to quality
where the primary venues showed large percent-
age gains over the period on all markets, with the
exception of IBEX, where there was a slight reduc-
tion. There were reductions on MTFs across most
markets, the exceptions being Aquis on CAC, DAX,
Q3 2019 (change on Q2 2019)
FTSE
CAC
DAX
MIB
OMX-S
IBEX
Primary 1 67.42% 2.83% 1 69.20% 1.38% 1 71.75% 1.66% 1 76.39% 2.31% 1 67.06% 2.24% 1 70.83% -0.55%
CHIX 2 15.94% -0.82% 2 15.52% -0.11% 2 15.44% 0.12% 2 11.36% -0.67% 2 19.19% 0.26% 2 14.49% 0.75%
5.37% -0.49% 3 4.63% -0.85% 3 4.81% -1.17% 3 5.83% -1.21% 3 6.23% -0.25%
6.17% -1.06% 4.46% -1.11% 3.21% -0.77% 4.08% -1.11% 5.55% -0.52%
3.74% 0.28% 3.73% 0.19% 4.23% 0.31% 3.84% -0.18% 2.90% 0.56%
BATE
TRQX
AQXE
3
5.93% -0.84%
7.04% -1.16%
3.67% -0.02%
3
Issue 61 // TheTradeNews.com // 95